Daily Republican., 1887-07-23
BOB GARKETr's EIG HAUL.
The Baltimore and Ohio's Young Presi-
uent Threatened With Heavy Law
suit as the esult of His Latest Effort
in the Way or Options.

suit as the d esuIt of His Latest Effort
In the Way or Options.
NEW YORK, July 22.-The end Of the
Baltimore and Ohio "deal" Is not vet.
Mr.. Garrett's brusque letter declaflr q
the negotiations with Ives & Staynor to
be terminated does not end the matter
by long sight. but may. on the con.
trary, be the opening chapter OF an
even more interesting story than any
that has appeared before. That Ives &
ter III the morning papers hardly ex
threw them. 1t WAS like lightning
from clear sky to them.
Following the published letter yester-
day morning came . special letter from
Mr.. Garrett to Ives, suggesting that he,
Mr.. Ives. should cease al further negc
tiations with the Baltimore and ONO
people, aud declaring that the deal was
Oft. Then the budding Wall street d.
emotion In check, and to the outside
world appeared as calm and un,u fl ID
as o summer lake He sent for his legal
advisers and laid before them the letter
aud the other documents and papers
connected with the deal, and together
they scanned them carefully. They
held them to the light, aud tried to dis
cover all tho seams and crevices and
flaws through which the traditional
coach and four could be driven.
As result of the conference and
careful scanning, 1t appeared to them
that contract had been entered into
between Ives and Garrett which WAS IN
| II fa N q n q n Ral
aud Ohio Railroad, telegraph and ex.
press companies, or at leaet coz troll ing
share in them, not as an option, but as a
bona fde purchase and sale; that in
pursuance of that contract Mr.. Ives had
paid down as part of the purchase
price In cash and collstsrals y sum ag
gregating from 81 600, 600 to 81. 500 600
and that Garrett was to retain In bis
hands the shares Of stock Of the Baltt
moro and Ohio as q collateral security
for the carrying out Of the terms Of ths
contract by Ives and Stayn nor.
In other words, Ives b S.synor had
purchased out and out the controlling
interest in Mr.. Garrett's property arc
were entitled 10 1t as the legal oxnere
and Mr.. CARROTS interest had bsen re
duced to that OF o mors aaee, ho retain
ing possession OF 1t, not o, an owner
out as holder OF collateral security
only. BY his act he had simply rem
dered 1t impossible for the purchasers Il
vided, and he had no legal right TO ter
inmate the deai Of his own motion |
takes two to make o contract, the Ive
people thought, and IL takes two to an
nul one which IL once made.
Aottno on thair nj NJ tha ovo thl
lawyers 1T once procee ded to verify thes
position by q hasty reference to the law
and found the books bristiing with case
Early In the evening they dispatched
trusty met senger to serve on Mr.. Gar
rett sum monses Issuing out Of the Su
preme Court requiring him TO appel
and answer within twenty days iron
, the service thereof, or Judgment woul'
be taken by default. The SUNNI onse
were subscribed by Sullivan and Crom
we'll rs attorneys for Ives & Staynor
the plaintiffs, and by HeadIy, Lauiel
bach and johnson as counsel Ths SCI
, vice puts Mr.. johnson within the jurlt
diction OF the Supreme Court, and 1
the beginning of Q legal battle that
likely to bs replete with interest befor
1t is finally terminated.
Mr.. Garrett felt the searching news
paper probe yesterday at Dei's, an
, winced q little under it. "Do 70,
mean to say, Mr.. Garrett, that you ar
not negotiating with any syndicate out
; side of the Ives people?" 81 have sat
all care to say. have nothing TO sd
about other people or syLdicates, an
my letter to Singerly must speak for i,
self I"
is PKNNSY AFTER THE PROPERTY?
Some faith is put In a statement ths
the Penney lvania will obtain control G
the Baltimore and Ohio property by
guaran tee Of 8 per cent on the 1toc 1
and A, j. Csssatt be made president 1
Garrett's place.
All the members OF the Ives part
state that they have decided to max
!, no statement of their side OF the Bait
more and Ohio matter. The only ne,
, development to day is o story that th
I Baltimore and Ohio Railroad had SOL!
, Its interest In the PittsbIrg and Wes
ern to the Pennsylvania Company.
that is SO, the Baltimore end Olio
cut off from Cleveland, as the Pittsbur
an1 Western formed its connection I
that point. Railroad people placs bu
, little confidence In this gossip.
. D., L. vi a.